If you're doing it property management style, that might be a hard pill to swallow.

I have looked around the salt lake valley for good deals on multi-family units and they seem to be slim pickins as of right now, but I'm not getting discouraged.

Chances are slim if the property is worth $15k or more.  

Seems like every time I run the numbers, the profits are so slim when using hard money it's almost not worth doing at all.

Here is my issue: The property is REO - so the odds of me getting the bank to agree to remove or pay for the removal of the tank is slim to none (closer to none).

The returns are too slim on flips for my liking, especially when you're putting down $500,000+ for a junker home an hour plus out of Sydney, sell it for $600,000, only to have $90,000 chewed up in contractor and local government costs.  

Not terrible, but 12-18% ROI for all that management might be a tough pill to swallow.  

We come across duplex's often, but above that it is pretty slim.   

Steve, unfortunately, there is no magic pill answer to this as every market is different.

From what you have listed this seems like the deal is rather slim.